Superior School of Real Estate Final
EXAM Questions and Answers 100% Correct|
Latest 2024
Which of the following would create legally binding acceptance of a written offer?
- ANSWER>>The seller's agent emails the buyer's agent that the seller signed the
offer as written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should... -
ANSWER>>Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to... -
ANSWER>>Execute the option to purchase on the terms in the option agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package? - ANSWER>>$7,400
The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The listing
firm must retain the records of this transaction for 3 years after the... -
ANSWER>>Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property? - ANSWER>>A tree house
constructed in a tree on the property that can be removed without damage to the
tree.
,Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city? - ANSWER>>3 bedrooms,
2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the Federal
Fair Housing Act as amended in 1998? - ANSWER>>Requiring a credit report and a
criminal background check for all applicants.
How and when must a broker notify an unrepresented buyer that the broker
represents the seller? - ANSWER>>In writing, before obtaining any personal
information from the buyer.
Excise tax on real property in North Carolina is... - ANSWER>>$1per$500
Which of the following scenarios best illustrates first substantial contact? -
ANSWER>>Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
- ANSWER>>Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)... - ANSWER>>Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than... - ANSWER>>Three days after receipt by the broker.
A buyer who is Muslim instructs the broker to show the buyer properties that are
located in neighborhoods that have a higher number of Muslim residents. If the
broker complies with this client's instructions the broker will be in... -
ANSWER>>Compliance with the Civil Rights Act of 1866, but in violation of the
Federal Fair Housing Act.
, Which of the following statements regarding the TILA-RESPA Integrated
Disclosure (TRID) requirements is true? - ANSWER>>Within three days of
receiving a loan application, the lender must provide the applicant with a loan
estimate.
A house located within the city limits has a current market value of $485,000
according to a recent appraisal. The assessed value from the last county-wide tax
valuation is $412,250. The tax rate is $.92 per hundred for the county and $.34
per hundred for the city. What is the total annual property tax liability on the
property, rounded to the nearest dollar? - ANSWER>>$5,194
Which of the following situations would be considered a material fact in North
Carolina? - ANSWER>>The seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... -
ANSWER>>Concealing clients confidential information.
A title insurance policy... - ANSWER>>Protects the purchaser and/or the lender
against loss due to an existing covered title defect that was undiscovered when
the policy became effective.
Regulation Z on the Truth-In-Lending Act requires that lenders... -
ANSWER>>Disclose mortgage loan finance charges and interest rate to
borrowers.
Which of the following statements about deeds is true? - ANSWER>>A special
warranty deed contains a promise that the grantor will convey title on the
property without any encumbrances.
Under the North Carolina Residential Rental Agreements Act, -
ANSWER>>Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs
EXAM Questions and Answers 100% Correct|
Latest 2024
Which of the following would create legally binding acceptance of a written offer?
- ANSWER>>The seller's agent emails the buyer's agent that the seller signed the
offer as written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should... -
ANSWER>>Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to... -
ANSWER>>Execute the option to purchase on the terms in the option agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package? - ANSWER>>$7,400
The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The listing
firm must retain the records of this transaction for 3 years after the... -
ANSWER>>Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property? - ANSWER>>A tree house
constructed in a tree on the property that can be removed without damage to the
tree.
,Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city? - ANSWER>>3 bedrooms,
2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the Federal
Fair Housing Act as amended in 1998? - ANSWER>>Requiring a credit report and a
criminal background check for all applicants.
How and when must a broker notify an unrepresented buyer that the broker
represents the seller? - ANSWER>>In writing, before obtaining any personal
information from the buyer.
Excise tax on real property in North Carolina is... - ANSWER>>$1per$500
Which of the following scenarios best illustrates first substantial contact? -
ANSWER>>Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
- ANSWER>>Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)... - ANSWER>>Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than... - ANSWER>>Three days after receipt by the broker.
A buyer who is Muslim instructs the broker to show the buyer properties that are
located in neighborhoods that have a higher number of Muslim residents. If the
broker complies with this client's instructions the broker will be in... -
ANSWER>>Compliance with the Civil Rights Act of 1866, but in violation of the
Federal Fair Housing Act.
, Which of the following statements regarding the TILA-RESPA Integrated
Disclosure (TRID) requirements is true? - ANSWER>>Within three days of
receiving a loan application, the lender must provide the applicant with a loan
estimate.
A house located within the city limits has a current market value of $485,000
according to a recent appraisal. The assessed value from the last county-wide tax
valuation is $412,250. The tax rate is $.92 per hundred for the county and $.34
per hundred for the city. What is the total annual property tax liability on the
property, rounded to the nearest dollar? - ANSWER>>$5,194
Which of the following situations would be considered a material fact in North
Carolina? - ANSWER>>The seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... -
ANSWER>>Concealing clients confidential information.
A title insurance policy... - ANSWER>>Protects the purchaser and/or the lender
against loss due to an existing covered title defect that was undiscovered when
the policy became effective.
Regulation Z on the Truth-In-Lending Act requires that lenders... -
ANSWER>>Disclose mortgage loan finance charges and interest rate to
borrowers.
Which of the following statements about deeds is true? - ANSWER>>A special
warranty deed contains a promise that the grantor will convey title on the
property without any encumbrances.
Under the North Carolina Residential Rental Agreements Act, -
ANSWER>>Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs
